Today’s Stock Market: Procter & Gamble Leads Dow Jones; Tesla, PayPal Prop Up Nasdaq 100

A solid open for the stock market Thursday turned mixed near midday as technology stocks lagged. In today’s stock market, Procter & Gamble (PG) and Caterpillar (CAT) were top gainers in the Dow Jones. PayPal (PYPL) and Tesla (TSLA) outperformed in the Nasdaq 100.




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The Dow Jones outperformed with a roughly 0.2% gain; the Nasdaq composite edged lower by 0.5% and the S&P 500 eased less than 0.1%. The Russell 2000 small-cap index lagged with a 0.9% decline.

Solar stocks, REITs and homebuilders outperformed in today’s stock market. Retail stocks, including consumer electronics firms, department stores and home furnishing firms, lagged.

It was a busy morning of headlines. The European Central Bank confirmed an end to its asset purchase program. U.S. Treasuries and European bonds rallied for a bit after Italy offered a concession to the European Commission regarding its deficit target. Meanwhile, U.K. Prime Minister Theresa May survived an attempted ouster Wednesday.

Inside the IBD 50, REITs were among the top performers in today’s stock market. Store Capital (STOR), Medical Properties Trust (MPW) and CareTrust REIT (CTRE) showed gains of 1% to 2%.

Shares of PayPal were up 1.4% to 87.67. A first-stage consolidation shows a conventional entry at 93.80, but PayPal still needs to conquer the 90 level.

Leaderboard stock Tesla (TSLA) rose 1.5% to 372 after Baird maintained an outperform rating and lifted its price target to 465. Tesla is still in buy range after a tepid breakout over a 366.85 cup-with-handle buy point.

The star of the day was Ciena (CIEN), which jumped 8% on strong earnings. Before the open, the maker of telecom gear reported earnings and sales that handily beat expectations.

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